Eagle Bay told the market yesterday afternoon that the handover will officially occur on April 30, subject to ministerial approval.

Audax is the majority stakeholder in the permit, with a 49.9% working interest, while Eagle Bay has 37.6% and Australian Oil Company has 12.5%.

"[Audax's] managing director, Mr Wolfgang Zimmer, has assembled a team with expertise and experience in the oil and gas industry," Eagle Bay said.

Last year, the JV plugged and abandoned two out of four exploration wells drilled in the permit, while another was cased and suspended for making a small oil discovery, and another found gas.

A fifth well, Michelle-1, had been planned for drilling, but the partners have instead decided to cancel this well in favour of acquiring 300 square kilometres of 3D seismic next year.

In November, a disagreement between Eagle Bay and Australian Oil Company wound up in the Supreme Court over AOC's failure to pay a cash call for the Jasmine-1 exploration well.